Child Tax Credits and Deductions
Federal and state tax laws provide many tax credits and deductions for having children. One of the most common tax benefits for children includes the dependency exemption, or the ability to claim children as dependents on your tax return. Keep in mind, however, that if you have a child with a person to whom you are no longer or never were married, your divorce and/or paternity decree …
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Alternative Minimum Tax Means Required Maximum Effort to File!
The National Taxpayer Advocate (NTA) of the IRS has labeled the Alternative Minimum Tax (AMT) “the poster child for tax-law complexity.” Congress created the Taxpayer Advocate to make recommendations to Congress, and since 2001 the NTA has advocated for Congress to either completely repeal the AMT or index it with inflation. Congress has yet to act on either …
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